The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on November ....
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Awaiting price reaction for this filing.
Century 21 Officespace Private Limited, a promoter of Sayaji Hotels (Indore) Ltd with a 30.34% stake (9,24,433 shares), has disclosed the creation of a pledge on 1,78,000 shares (5.842% of total share capital) originally created on 01/08/2024. The pledge is in favour of A R Hospitality Limited (a non-bank entity in the hospitality business) for a loan amount of Rs. 1 crore, while the pledged shares are worth approximately Rs. 20.45 crore (security cover ratio of 20.45x). The reason cited is to fulfill short-term financial requirements. The filing is being made now because the entity was only recently classified as a promoter after completing an open offer.
Encumbered shares amount to 19.25% of the promoter's own holding, which is moderate but not alarming. The fact that the pledgee is a related hospitality entity (not a bank) and the loan is small relative to the share value may raise some governance questions. Shareholders should monitor for any invocation of this pledge, which could lead to a change in promoter shareholding.